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The Civic Opera Building was recently sold by commercial real estate company Tishman Speyer Properties for approximately $126 million, according to ChicagoBusiness.com.
The building, which is located at West Loop, is 915,000 square feet, 44 stories and more than 80 percent leased. It was purchased by Berkley Properties, which is a commercial real estate company based in New York, according to the news source. The purchase price was for approximately $137 a square foot.
Officials said the building's tenant base fluctuated frequently.
"We said it was like operating a hotel," Steve Fifield, developer who bought the building in 1994 and sold it in 1997 after a redevelopment, told the news source. "You have a lot of small tenants with short-term leases. I think we had about 180 tenants. A lot of tenants come and go there. It's a very management-intensive kind of property."
The property was discounted significantly for the sale, the news source noted. It was purchased as a part of a portfolio of six office buildings in 2007, for a combined price of $1.72 billion. The building itself was worth $185 million at that time.
